Auditor General's report: province's Hydro Plan means $4-billion in extra interest, says Huron-Bruce MPP

The Auditor General has flagged serious concerns with the Ontario government's accounting practices in implementing the 'Unfair' Hydro Plan, which will result in Ontarians being on the hook for an extra $- billion in interest, says Huron-Bruce MPP Lisa Thompson. This particular debacle will cost Ontarians four times the cost of the gas plant scandal.

The report, which was published Tuesday morning (Oct. 17), found that the Liberals intentionally used a "needlessly-complex" financing structure to ensure that the 25-per-cent reduction on hydro bills would "avoid showing a deficit in the province's budgets and consolidated financial statements for 2017-18 to 2019-20."
 
"Premier Kathleen Wynne and her energy minister are selfishly racking up huge debts on the backs of future generations in the hopes that they can eke out a few more votes in the upcoming election," said Thompson. "Liberals and their insider friends might think $4-billion in extra costs is pocket change, but to hard-working Ontarians trying to put food on the table and a roof over their families' heads, it's a huge amount."
 
In her report, Auditor General Bonnie Lysyk stated that in essence, the government is making up its own accounting rules. "This is particularly concerning when a government states that it follows Canadian Public Sector Accounting Standards (PSAS) when in fact, the accounting rules being applied are actually not in accordance with Canadian PSAS," states the report.
 
"Ontarians deserve better than what this Liberal government has done over the past 14 years," Thompson said. "It's time for change, and it's time for a government that has Ontarians' interests at heart."
 
To read the Auditor General's report, click here: www.auditor.on.ca/en/content/specialreports/specialreports/FairHydroPlan_en.pdf